Newtek Business Services Corp announced plans for a public offering of 1.5 million common shares.

Newtek also plans to grant underwriters an option to buy up to an additional 225,000 common shares. Based on a Jan. 24 closing share price of $16.25 and assuming full exercise of the underwriters option, S&P Global calculates a gross offering size of about $28.0 million.

Keefe Bruyette & Woods, Raymond James and UBS Investment Bank are acting as joint book runners for the offering.